COMMITTEE ON THE DISTRICT OF COLUMBIA

CHARLES C. DIGGS, JR., Michigan, Chairman

EDWARD C. SYLVESTER, Jr., Staff Director
RUBY G. MARTIN, General Counsel
MARK MATHIS, Minority Counsel

LETTER OF TRANSMITTAL

Hon. CARL ALBERT,

COUNCIL OF THE DISTRICT OF COLUMBIA,
Washington, D.C., October 22, 1975.

Speaker of the House, U.S. House of Representatives, U.S. Capitol,
Washington, D.C.

DEAR MR. SPEAKER: I have the honor to transmit to you, in accordance with Section 602 (c) of the D.C. Self Government and Governmental Reorganization Act, PL 93-198, a copy of an act adopted by the Council October 21, 1975, and signed by the Mayor October 22, 1975. Act 1-57 will authorize the issuance of $50,000,000 General Obligation Bonds of the District of Columbia to refund certain loans made to the District from the United States Treasury.

Attached to the act is a docket sheet for signature of the Clerk of the House by the expiration of the 30-day review period. In the event during this period the House adopts a resolution disapproving such act, please so advise the Council on the docket sheet, noting the resolution number and signature of the House Clerk.

To begin the count of the 30-day review by Congress, it would be appreciated if your office would acknowledge receipt of this document on the tissue copy attached.

Sincerely yours,

Enclosures.

AN ACT 1-57, in the Council of the District of Columbia, October 22, 1975,

To authorize the issuance of $50,000,000 General Obligation Bonds of the District of Columbia to refund certain loans made to the District from the United States Treasury

Be it enacted by the Council of the District of Columbia, That this act may be cited as the "Refunding Bond Authorization Act".

SEC. 2. The issuance of general obligation bonds of the District of Columbia in the maximum principal amount of $50,000,000 (herein called the "Bonds"), is hereby authorized in accordance with the provisions of this act and Title IV of the District of Columbia SelfGovernment and Governmental Reorganization Act (Public Law 93-198, herein called the "District Charter") for the purpose of refunding the outstanding principal amount of loans made to the General Fund of the District of Columbia from the United States Treasury, as follows:

Date of loan

March 31, 1975

May 30, 1975___.

Outstanding principal amount to be refunded $6,000, 000 44, 000, 000

SEC. 3. The following determinations are hereby made:

(a) The maximum rate of interest to be paid on any maturity of the bonds shall be eight per centum (8%) per annum;

(b) The maximum allowable maturity for the Bonds, computed from the date of the Bonds, shall be thirty years; and

(c) The maximum debt service payable in any year on the Bonds shall be $5,200,000.

SEC. 4. The Bonds shall be executed in the name of the District of Columbia by the facsimile signature of the Mayor and the Chairman. of the Council of the District of Columbia and by the manual signature of the Director of the Office of Budget and Management Systems, or in the absence or inability of such Director to act, by the manual signature of a Deputy Director of said office, and shall be sealed with the corporate seal of the District of Columbia or a facsimile thereof, and the coupons appertaining to Bonds issued in bearer coupon form shall bear the facsimile signature of said Mayor and said Chairman. SEC. 5. The full faith and credit of the District of Columbia are hereby irrevocably pledged for the payment of the principal of and interest on the Bonds as the same become due and payable. A special tax upon all real property subject to taxation in the District of Columbia is hereby authorized and shall be levied annually, without limitation as to rate or amount, in an amount which, together with other revenues of the District of Columbia available and applicable for said purposes, will be sufficient to pay the principal of and interest on the Bonds and the premium, if any, upon the redemption thereof, as the same respectively become due and payable, which tax shall be levied and collected at the same time and in the same manner as other District taxes are levied and collected, and when collected, shall be set aside,

(3)

together with such other revenues, in the sinking fund required to be established by the Mayor pursuant to section 431 of the DistrictCharter, and irrevocably dedicated to the payment of such principal, interest and premium.

SEC. 6. In accordance with the provisions of section 465 of the District Charter, the Bonds may be issued in one or more series, but no issue of the Bonds shall be advertised for sale unless the Mayor shall have filed with the Secretary of the Council of the District of Columbia, not less than two days prior to the first publication of the notice of such sale, excluding Saturdays, Sundays and holidays: (i) a copy of his certificate executed pursuant to such section, determining the amount of such issue, the maturities and the other terms and details of such issue, (ii) the form of such notice of sale, and (iii) the form of the official statement or other similar brochure to be distributed in relation to such issued, Provided, however, That subsequent to such filing, the Mayor, without any further filing, may make such minor changes, insertions, additions and modifications in such official statement or brochure as he shall deem appropriate.

SEC. 7. The Bonds and the interest thereon shall be payable at such place or places within or without the District of Columbia as the Council of the District of Columbia may by resolution determine.

SEC. 8. The Mayor may issue temporary Bonds pending the printing or engraving and delivery in definitive form of the Bonds after public sale. Such temporary Bonds shall be of substantially the same form and tenor as the definitive Bonds, but with such omissions, insertions, and variations as may be appropriate to temporary Bonds. Such temporary Bonds shall provide that they are exchangeable for definitive Bonds when such definitive Bonds are ready for delivery. and if such definitive Bonds are coupon Bonds, the temporary Bonds need not have coupons attached, but may provide for the payment of interest upon their presentation for notation of such payment thereon. Such temporary Bonds may be issued in such denominations as the purchaser may request.

SEC. 9. The Mayor may contract from time to time for a period or periods not exceeding five years each, with any bank or trust company located within or without the District of Columbia for the purpose of having such bank or trust company act in connection with the Bonds, as the Registrar for the District of Columbia and for related services. and for the payment by the District of reasonable compensation for the services to be performed pursuant to such contract. Any such contract shall provide that it may be terminated by the District of Columbia at any time.

SEC. 10. (a) In case any definitive or temporary Bond shall become mutilated, or be destroyed, lost, or stolen, the Mayor in his discretion may cause to be prepared and executed and delivered a new Bond (with coupons corresponding to the coupons, if any, appertaining to the mutilated, destroyed, lost, or stolen Bond) in exchange for the mutilated Bond and its coupons (if any), or in lieu of and substitution for the Bond and its coupons (if any) so destroyed, lost, or stolen. In case any coupon or coupons appertaining to any temporary or definitive Bond shall become mutilated or be destroyed, lost, or stolen, the Mayor in his discretion may cause to be prepared and authenticated and delivered, a new Bond (with coupons corresponding to the coupons